Daniel, age 38, is single and has the following income and expenses in 2018: Salary income $60,000
Question:
Daniel, age 38, is single and has the following income and expenses in 2018:
Salary income $60,000
Net rent income 6,000
Dividend income 3,500
Payment of alimony in accordance with the separation agreement which was signed in 2018 12,000
Mortgage interest on residence 9,900
Property tax on residence 1,200
Contribution to traditional IRA (assume the amount is fully deductible) 5,000
Contribution to United Church 2,100
Loss on the sale of real estate (held for investment) 2,000
Medical expenses 3,250
State income tax 300
Federal income tax 7,000
1) What is Daniel's gross income?
2) What is Daniel's AGI?
3) What is Daniel's Total itemized deductions (after any limitations)?
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young